Instead they are houses on fire. And theres no letting up in the flames even as the averages rebounded hard today after opec announced it might cut back half a Million Barrels of production in november. I think this is more of the same where they rumor the price higher, which worked again, taking oil up almost 5 , and then kind of do nothing meaningful, which is also what keeps happening on these kinds of deals. Nevertheless, as i have said over and over again to you, anything that drives oil higher takes stocks higher, and thats sure what happened today with the doti points, s p climbing 0. 53 , nasdaq advancing 0. 24 . The linkage remains that great even as i urge you to be skeptical of any socalled deals when there is such a worldwide glut of oil, one that would need millions of barrels to be cut, not less than a million. This means the amount will not give you a lasting impact. I want to talk about whats happening with these beleaguered groups i mentioned earlier as the quarter win
People thought. The worst market overall was there, unfrozen that you can get a sense of things. Theres a look at europe. Again, the losses not particularly substantial given that move down in crude. In asia is where things were a bit tougher overnight, japan in particular with that stronger yen suffered a more than 3 decline. Lets get back here and start with our road map. And where does it start . Well, where youd expect, oil prices are down after the failed doha deal. Were going to take you there live and bring you the latest. Morgan stanley shares getting a boost from what was a better than expected quarter this morning, although not great. Well give you everything you need to know about that report. And we are also live with pepsis cfo, hugh johnston. Were going to talk about this companys earnings plus his new seat on twitters board of directors. All right. Lets start with oil. You were talking of course the squawk gang about it is its the key to this market im going to say this
Could the major averages end 2015 with double digit gains . Yes, you heard me. Five weeks into the deadline, confusion and delays in switching over to the new chip credit cards creating a golden opportunity for hackers. They are preying. How safe are you. Maybe you should be praying. And is money that is being september by the Federal Reserve and treasury to iraq ending up in hands of terrorists or iranians . First lets check in with with sara. Good afternoon. We start with a stock market in a rally. All three major averages back in the green for the year. Could we be looking at 2015 ending with a dull digit gain . One market bullish strategist thinks so. Everybody is saying were going to flat line into the end of the year. Given where short positions are and how much capital is on the sideline, maybe we have a double digit end up 10 , 12 percent year. A bold call. Is he right . Brad mcmillan joining us. Lee has been right all along, but 10 to 12 sounds aggressive. In eight weeks. So t
Profits for the next couple of years. You know what, it was a take your breath away market. And an incredible announcement. Caused the stock to cascade. Down 10 , losing 21 billion in value. One day. And it woes in turn spilled to the rest on the market. With the dows decline, the s p falling nearly half a percent. What is done and is done though if you own any stocks, involving these stocks you got clobbered. Although the initial and ridiculous over reaction down from netflix, one of my favorite stocks was rectified after. I want to step back and determine whether the reaction to wall hmart and the stock mar was justified. Something we will do when we sit down with the ceo of walmart later in the show. First, should the earnings news have been a surprise . Obviously shocked in wall street, you dont get a stock that much. I know doug will make a case that he telegraphed the earnings, after he talked about paying more and more, and over investing in the stores to restore growth to the F
Bank of america and wells fargo beat, jpmorgan falls short. Results from delta and intel. Both coming ahead of consensus. And the read on retail sales slightly below expect tatioexpet Doug Mcmillan giving a rosier assessment. Bank of america had good Third Quarter results. Wells fargo had a beat as well. Its loans helping to lift profits. And jpmorgan missing with its quarterly results. Jamie dimon spoke about his banks expenses on last nights Conference Call. I spoke my whole life on good expenses, bad expenses. Bad expenses are waste, things you dont need. We want expenses go up. We find marketing opportunities, well spend it. If the Investment Bank does better. Thats how we run the company. That wont ever change. Once again, jim, story is loan growth is good, but the trading revenues are challenging almost everywhere. Yeah. People will say when they listen to bank of america, which was an excellent quarter, okay . Bank of america is making money in that business, why shouldnt jpmorg